文献类型：期刊文献

中文题名：融资约束、不确定性与公司投资——理论分析与实证再考察

英文题名：Financing Constraints,Uncertainty and Corporate Investment:Theoretical Model and Evidence Revisited

作者：刘康兵[1];申朴[2]

机构：[1]上海大学经济学院,上海200444;[2]华东理工大学商学院,上海200237

年份：2018

卷号：60

期号：4

起止页码：142

中文期刊名：复旦学报（社会科学版）

外文期刊名：Fudan Journal（Social Sciences）

收录：CSTPCD;;国家哲学社会科学学术期刊数据库;北大核心:【北大核心2017】；社科基金资助期刊;CSSCI:【CSSCI2017_2018】；

基金：上海市教委科研创新项目(项目批准号:13YS007)的研究成果

语种：中文

中文关键词：融资约束;不确定性;公司投资

外文关键词：financial constraints;uncertainty;corporate investment

摘要：文章将投资不可逆和未来需求状态不确定等假设引入一个包含信息不对称的公司投资模型,通过理论分析,证明了公司面临的不确定性水平上升会降低资本预期边际价值,导致其增加额外一单位投资的边际风险溢价上升,进而面临更高程度的外部融资约束。文章还利用中国制造业上市公司1998~2015年的面板数据,以公司面临的股票价格波动性作为不确定性代理变量,应用动态面板阈值估计法证实了上述理论预测。文章最后还讨论了上述结论的政策含义和研究的未来扩展。
By introducing investment irreversibility and uncertainty into a corporate investment model with capital market imperfections,the paper demonstrates that the optimal investment decision of a firm running under uncertainty should take financing constraints into account. Moreover,firms that are confronted with higher degree of uncertainty will face more severe financial constraints. Then the paper verifies the predictions of the theoretical model by using a panel of China listed manufacturing companies between 1998 and 2015 and a dynamic panel threshold estimator,with stock price volatility as a proxy for uncertainty. Not only do these findings provide solid support for the hypothesis of financing constraints,but also indicate that uncertainty does affect firm investment by means of capital market imperfections. The paper finally discusses the policy implications of the above-mentioned findings and the future extension of this study.